https://www.taxtmi.com/caselaws?id=376724 The appeal challenged the Income Tax Appellate Tribunal's order regarding the "Mark to Market" loss on a forward exchange contract revaluation. The court dismissed the appeal as it found that the issues raised did not give rise to any substantial question of law. The first issue regarding the allowance of the loss was not entertained as it was considered settled in previous court decisions. The second issue concerning non-uniformity of revaluation rates for debtors and compliance with AS-11 guidelines was not raised before the Tribunal and thus was also not entertained. Consequently, the Income Tax Appeal was dismissed. en-us Wed, 27 Feb 2019 00:00:00 +0530 Thu, 14 Mar 2019 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376724 The appeal challenged the Income Tax Appellate Tribunal's order regarding the "Mark to Market" loss on a forward exchange contract revaluation. The court dismissed the appeal as it found that the issues raised did not give rise to any substantial question of law. The first issue regarding the allowance of the loss was not entertained as it was considered settled in previous court decisions. The second issue concerning non-uniformity of revaluation rates for debtors and compliance with AS-11 guidelines was not raised before the Tribunal and thus was also not entertained. Consequently, the Income Tax Appeal was dismissed. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376724